HORNBECK OFFSHORE ANNOUNCES U.S. NAVY MENTOR PROTÉGÉ AGREEMENT WITH NEXT GENERATION LOGISTICS, LLC

Rhea-AI Summary

Hornbeck Offshore Services (HOS) has announced a U.S. Navy Mentor Protégé Agreement with Next Generation Logistics, (NGL). This agreement, approved by the Department of the Navy Office of Small Business Programs, aims to help NGL expand its footprint in the defense industrial base. NGL, headquartered in New Orleans, is the only 8(a) certified firm operating in marine transportation for federal, state, and local agencies.

The partnership will enable HOS to continue providing tailored solutions to support the U.S. Government. Todd Hornbeck, CEO of HOS, expressed enthusiasm for the formally approved relationship and the opportunities it will bring to NGL. Eddie Compass IV, CEO of NGL, stated that the agreement will fundamentally change NGL's business operations, allowing them to service the Navy both domestically and internationally.

Positive

• Formal approval of Mentor Protégé Agreement with NGL by U.S. Navy
• Potential for expanded business opportunities in the defense sector
• Enhanced capability to provide tailored solutions for U.S. Government contracts
• Strengthened partnership with a certified 8(a) small business in marine transportation

Negative

• None.

COVINGTON, La., July 29, 2024 /PRNewswire/ -- Hornbeck Offshore Services, Inc. ("Hornbeck Offshore" or the "Company") announced today that the United States Department of the Navy Office of Small Business Programs recently approved a Mentor Protégé Agreement between the Company and Next Generation Logistics, LLC ("NGL"). 

Small businesses, including Veteran/Service-Disabled Veteran-Owned small businesses, Historically Underutilized Business Zone small businesses, Small Disadvantaged Businesses, and Women-Owned Small Business concerns, are a vital part of our economy and help to keep the United States the strongest country in the world.  The Mentor Protégé Program helps small businesses like NGL expand their footprint in the defense industrial base through the development of technical capabilities and mentoring.

NGL is headquartered in New Orleans, Louisiana, and is the only firm certified under the U.S. Small Business Administration's 8(a) program that operates and delivers a wide array of solutions and services in the marine transportation industry among federal, state and local agencies.  Through the Mentor Protégé Program, the Hornbeck Offshore will continue to work with NGL to provide tailored solutions in support of the United States Government.

Todd Hornbeck, the Company's President and Chief Executive Officer, commented, "Although our connection with NGL began many years ago, we are very pleased that the Government has formally approved this relationship.  We look forward to the opportunities that this program will provide NGL through the leadership of Captain Eddie Compass and we will continue to explore additional ways for our Company to support NGL and the Navy."

Eddie Compass IV, the Chief Executive Officer and founder of NGL stated, "The Mentor Protégé Agreement will fundamentally change the way that NGL can do business.  Our relationship with Hornbeck Offshore has allowed us to now service the Navy both domestically and internationally in a way that is a win for NGL and a win for our country.  I want to personally thank the Navy, Todd Hornbeck, and his entire team for supporting NGL over the years. We look forward to our collective success in the future."  

Hornbeck Offshore Services, Inc. is a leading provider of technologically advanced, high specification offshore service vessels to the energy industry primarily in the Gulf of Mexico and Latin America, as well as to the U.S. government, offshore wind and other non-oilfield customers.

Forward-Looking Statements

This news release contains forward-looking statements, including, in particular, statements about Hornbeck Offshore's plans and intentions, which are based on the Company's current assumptions, expectations and projections about future events.  Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that the expectations will prove to be correct.

Contacts:	Todd Hornbeck, CEO
	Jim Harp, CFO
	Hornbeck Offshore Services
	985-727-6802
	Ken Dennard, Managing Partner
	Dennard Lascar / 713-529-6600

 

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SOURCE Hornbeck Offshore Services, Inc.

FAQ

What is the significance of Hornbeck Offshore's (HOS) Mentor Protégé Agreement with Next Generation Logistics (NGL)?

The agreement, approved by the U.S. Navy, allows HOS to mentor NGL, helping it expand its capabilities in the defense industrial base. This partnership enhances both companies' ability to provide services to the U.S. Government, particularly in marine transportation.

How will the Mentor Protégé Agreement benefit Next Generation Logistics (NGL)?

According to NGL's CEO, the agreement will fundamentally change their business operations, enabling them to service the Navy both domestically and internationally. It provides opportunities for NGL to develop technical capabilities and expand its footprint in the defense sector.

What unique position does Next Generation Logistics (NGL) hold in the marine transportation industry?

NGL is the only firm certified under the U.S. Small Business Administration's 8(a) program that operates and delivers a wide array of solutions and services in the marine transportation industry among federal, state, and local agencies.

How does the Mentor Protégé Agreement align with Hornbeck Offshore's (HOS) business strategy?

The agreement aligns with HOS's role as a provider of technologically advanced, high-specification offshore service vessels. It allows HOS to support small businesses, potentially expand its government contracts, and strengthen its position in serving the U.S. Navy and other non-oilfield customers.